Electric motors is a machine that converts electrical energy into mechanical energy. The machine that converts mechanical to electrical energy and vice versa is known as a generator. Electric motors are classified into two types typically AC motors and DC motors. These motors are used in industrial, residential, commercial and other (transportation, agriculture) end-use sectors for various applications. The global electric motors market was valued at around US$ 88.6 Bn in 2016, and is expected to register a CAGR of 4.7% over the forecast period (2017–2027).
Factors influencing global electric motors market growth
Manufacturing techniques have transformed significantly over the past century. In comparison to skilled labour, machines have emerged as a more efficient method of performing complex tasks and the scenario has further changed completely after the inclusion of robotic technologies in manufacturing. The ongoing technological advancements in manufacturing techniques and demand for cost competiveness and increased productivity has made automation an inevitable part of modern industries. The increased automation and robotics in the manufacturing sector is expected to emerge as a key factor fuelling market growth.
Furthermore, with the rising consumer awareness to conserve energy coupled with government regulations focussed on minimising energy consumption has resulted in high demand for energy efficient products. Stringent regulations will compel industries to replace existing motors and use motors with high efficiency, which in turn will drive market growth.
Electric Motors Market: APEJ Expected to Remain a High-Volume High-Value Market During the Forecast Period: Global Industry Analysis (2012 - 2016) and Opportunity Assessment (2017 - 2027)Buy Now
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